jcfo
Level 1
06-08-2022
01:42 PM
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When refinancing your primary home, when the amount of cash received is different (lower) than the amount of the loan increase ( difference being closing costs, taxes, interest ect), which loan increase amount do you use to calculate the amount under 750,000. Thanks
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qbteachmt
Level 15
06-08-2022
02:47 PM
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If your taxpayer took out cash, then you also need to consider what the funds got used for. I would start here:
https://www.irs.gov/publications/p936
You might have a mixed mortgage to contend with. That Pub has tables for you to work through.
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